Rep. Robes (far right) was one of the lawmakers invited when President Rodrigo Duterte signed into RA 11659 or the Act Amending the Public Service Act which opens up various industries to foreign ownership. Rep. Robes was one of the authors of the said law.
SAN Jose Del Monte City Rep. Florida “Rida” P. Robes has lauded the signing into law of the amendments to the Public Service Act saying it is what the country needs to recover from the Covid-19 pandemic.
Robes, one of the authors of House Bill No. 78, which was the Lower House’s version of the amendments to the Public Service Act, said opening up several industries to full foreign ownership will attract new investors into the country.
“Opening up some of our industries like telecommunications, railways and airlines to full foreign ownership will attract investors which will in turn create more jobs for our countrymen spurring development in our country. This is what our country needs at this time when we are starting to recover from effects of the pandemic,” Robes said.
Robes was one of the those invited to Malacañang when President Rodrigo Duterte signed it into law last week. Republic Act (RA) No. 11659 or “An Act Amending Commonwealth Act No. 146 otherwise known as the Public Service Act” relaxes restrictions on foreign investments by allowing foreign investors to invest in a local enterprise up to 100 percent of its capital.
However, the following industries will still be subject to the 40 percent foreign equity cap, namely distribution of electricity, transmission of electricity, petroleum and petroleum products pipeline transmission systems, water pipeline distribution systems and wastewater pipeline systems, (including sewage pipelines), seaports and public utility vehicles.
With new investments, Robes added the new law is expected to lower prices, improve the quality of goods and services and introduce innovation that will directly impact the economy and the lives of every Filipino.
“I am proud to have been part of the momentous event that will bring us back on track towards economic recovery and growth,” Robes said.
